ADN Kronos report, confirmed by Reuters Italy agrees to deficit-to-GDP targets of: I’d like to see the growth assumption numbers behind those. But right now all the Italian bond market cares about is the headline. Italy 10s are down 14 bps to 3.31%.

Higher yields, chart breakout, better economy The best rallies are the slow and steady ones. That’s what’s upfolding in USD/JPY as the picture grows increasingly compelling. Today’s ISM non-manufacturing survey hit the best since 1997 and it’s not a fluke. US economic data has been accelerating lately.

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Federal Reserve head Powell speaking , all very rate hike sort of stuff (not surprisingly) – very happy about where the economy is – unemployment lowest in 20 yrs As I said in the bracket above, nothing surprising from Mr. P

Higher yields may be starting to take it’s toll. The USD is now the strongest currency of the majors. Rates may be causing some of the apprehension. 10 and 30 year notes/bond yields are up over 8 bps on the day.

Still higher on the day, but much of the gains have been erased The Nasdaq is up 33 points or 0.41% at 8032. The high reached 8053.93. The low is at 8012.02 The Dow is up 66 points or 0.25% at 26840. The new all time high reached 26951.81.

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